DOCSLIB.ORG

Centrica Annual Report 2009

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Centrica plc Centrica plc Company registered in England and Wales No. 3033654 Registered office: Millstream, Maidenhead Road, Windsor, Accounts and Annual Report Berkshire SL4 5GD www.centrica.com 2009 Annual Report and Accounts 2009 Centrica plc Centrica plc Company registered in England and Wales No. 3033654 Registered office: Millstream, Maidenhead Road, Windsor, Accounts and Annual Report Berkshire SL4 5GD www.centrica.com 2009 Annual Report and Accounts 2009 Financial Index Highlights Accounting policies 28, 68-82, 153-154 Financial instruments UK: British Gas, Centrica Energy and Centrica Storage Acquisitions, business combinations 2, 4, 11, 12, 14, 28, 70-71, 74, 139-142 derivative 78, 111-114 Directors’ Report – Business Review The new Alternative Formats 164 fair value 78, 119-123 Our Performance North America: Direct Energy Assets and liabilities 27, 64, 160 hedge accounting 78, 114 shape of Auditors Financial Review IFC, 27-28 Revenue‡ Operating Profit* ‡ Employees‡ re-appointment 44 Five-year record 160 Centrica: remuneration 97 Fixed fee service contracts 148 Centrica’s main operations are in the UK report to the members of Centrica plc 60, 151 FSA (Financial Services Authority) 12, 24, 71 We’re restructuring 8% 1% 15% Awards 5, 12, 25, 26 Fuel poverty 12, 24, 30 9% Balance Sheet Gas and liquids reserves 81, 159 and North America. We have two types of the business to meet 28% 4% Company, notes 152-158 Gas Balancing Alerts 6, 17 57% 55% Group 64 Gas exploration 6, 14-15 the modern demands 28% business – downstream and upstream. 1% 80% 14% Board of Directors 2-3, 36-37 Gas production 6, 14-15, 20 for energy Borrowings, bank overdrafts, loans and others 116 Generation Green 12 British Gas 2, 4-6, 9, 10-13, 22, 24-25, 26, 29, 31 Goodwill and other intangible assets 74, 76, 81, 100-105 ^ ‡ Ω Business principles 3, 22, 26, 32 Green Streets 12, 24 Earnings Group revenue Dividend per share Capital Management 28, 87 Group Financial Statements 62-67 £m £m pence Downstream UK Upstream UK Storage UK North America Carbon intensity, emissions, low 2, 4-7, 9, 10, 13, 15, 21-25, Health, safety and environment (HS&E) 3, 25, 32 30, 31, 75, 80 Income Statement 62 Operating Directors’ Report – Governance ‡ * ‡ Cash and cash equivalents 115 Interest 95 Revenue profit 1,122 Cash Flow Statement 27, 67, 127-128, 160 International Financial Reporting Standards 68-69 1,111 12.80 £m £m 21,963 12.20 CCGT (combined cycle gas turbine) 5, 15 Inventories 109 20,872 11.57 911 Centrica Energy 2, 5, 14-16, 23 Joint ventures and associates 107-109 9.92 Centrica Storage 5, 6, 17, 23 Key performance indicators (KPIs) 8-9, 22-26 9.35 Downstream UK 16,065 15,893 CERT (Carbon Emissions Reduction Target scheme) 22, 73 Liquefied natural gas (LNG) 6, 15-16, 23 707 672 Chairman’s Statement 2-3 Low carbon 2-3, 4-7, 10, 13, 21-25, 30, 13,274 Residential energy supply We are the biggest energy supplier in Britain’s domestic market. 7,843 595 Charitable and political donations 26, 44 Mature and orphaned assets 6, 14, 33 Chief Executive’s Review 4-7 Microgeneration 6, 22, 29 We are Britain’s largest operator in the installation and maintenance of domestic Climate change 4, 9, 22-23, 29, 30 Minority interests 126 Residential services central heating and gas appliances. 1,406 233 Combined code on corporate governance 38-43 Nuclear 3, 4-7, 9, 15, 23, 25, 30, 32, 79 Commitments, contingencies and indemnities 145-147 Outsourcing and offshoring 26, 34 Committees 21-22, 36-37, 40-42 Pensions 33, 136-139 05 06 07 08 09 05 06 07 08 09 05 06 07 08 09 Business energy supply and services We are Britain’s leading supplier of energy and related services to businesses. 3,316 183 Communities 3, 21, 24, 26 Prices, wholesale and retail 2, 4-7, 13-16, 18, 20, 23-24, 27-28, 30, 31, 33 Competition Principal undertakings 150 Financial highlights 2009 2008¥ North America 18, 19 Procurement 26 Statements Financial Upstream UK UK 2, 5, 30 Property, plant and equipment 106 Revenue ‡ £21.96bn £20.87bn Continuing operations 93 Provisions 118 With assets primarily in the UK and Norwegian continental shelf, our activities ‡ Corporate governance 36-43 Related party transactions 44 Adjusted operating profit* £1,857m £2,003m Upstream gas and oil include gas and oil production, development and exploration. 551 444 Corporate responsibility 21-26, 32 Renewables Obligation Certificate (ROC) 15 Effective tax rate ^‡ 33% 52% Cost of sales 72 Renewables 9, 15-16, 30 We own and operate eight gas-fired power stations, have a leading position Creditor payment policy 44 Reserves 2, 5, 6, 14, 20 Earnings ^ £1,111m £911m Power generation in offshore wind and a 20% stake in British Energy’s nuclear fleet. 1,150 147 Customers Rights Issue 27 NPS (net promoter score) 9, 12, 24 Risk Management 29-34, 82-86 Adjusted basic earnings per share ^ 21.7p 21.7p We have a growing LNG business and also manage a number of legacy gas numbers 10-13, 18-19 Segmental analysis 87-93 Industrial and commercial supply contracts. 1,352 (93) service 10-13, 23-24, 30, 32, 34 Shareholder information 162 Full-year dividend per share 12.8p 12.2p Deferred corporation tax liabilities and assets 117 Shares Information Shareholder Direct Energy 2, 5, 18-20, 22, 24-25, 33 analysis of shareholders 164 Statutory results Proprietary energy trading We procure gas and power for British Gas and other Centrica businesses. 41 27 Directors called up share capital 123-124 biographies 36-37, funds 158 ‡ Operating profit £1,175m £661m directors’ indemnities 39, material shareholdings 44 Storage UK disclosure of information to auditors 43 prices 163 Earnings/(loss) £856m £(136m) emoluments 53, 95 TSR (total shareholder return) 8 Basic earnings/(loss) per share 16.5p (3.3)p pensions 58 EPS (adjusted earnings per share) 8, 27, 98-99 We are the owner and operator of Rough, the UK’s largest gas storage facility. 196 168 re-election 38-39 Shares schemes Operating profit ‡ includes net exceptional charges of £568m (2008: £nil) remuneration policy 47-54 employee 73, 129-134 responsibility statement 43 Executive 129-130, A definition of the profit measures used throughout these results is provided in the Chief Executive’s Review on page 7. North America service contracts 52 share-based payments 129-135 A reconciliation between operating profit and adjusted operating profit is provided in note 6(b) and a reconciliation share interests 47-51, 54-58 Smart meters 5-6, 12, 22, 29, 31 between the earnings measures is provided in note 14. We supply gas and power to residential and small business customers in chosen training 39 Statement of Changes in Equity 66 * including joint ventures and associates stated gross of interest and taxation, and before other costs and Residential energy supply deregulated states and provinces in North America. 2,644 94 Dividends IFC, 2, 8, 97 Strategic Priorities 3, 5-7 depreciation of fair value uplifts to property, plant and equipment from Strategic Investments and exceptional items Electricity generation 4, 5-6, 9, 15-16, 20, 21-23, 27, 29-34 Supply chain 26 and certain re-measurements We supply gas and power to commercial and industrial customers in chosen Electronic communications IFC, 162-163 Tangible fixed assets 155 ^ as above, except after other costs and joint ventures and associates stated net of interest and taxation Business energy supply deregulated markets across North America. 2,491 34 Employees 3, 9, 10-12, 21, 24-26, 32 Taxation 96-97 ‡ from continuing operations costs 95 Trade payables 115 Residential and engagement 9, 10, 12, 25-26 Trade receivables 110-111 ¥ restated to capitalise borrowing costs on adoption of IAS 23 (Amendment) and change in British Gas Services business services We provide energy related services across North America. 406 18 Limited’s revenue recognition policy, as explained in note 2 and to present the European Energy segment, with number IFC, 13, 25, 95, Vulnerable customers 12, 23-26, 30 pensions 76 the exception of the Group’s operations in Germany, as a discontinued operation, as explained in note 38 Upstream and We own and operate gas-fired power stations in Texas and gas and oil assets Ω restated to reflect the bonus element of the Rights Issue in 2008 policies 25-26 wholesale energy in Alberta. We also have a wholesale energy trading business. 567 7 Energy Value Chain IFC This report has been printed on Greencoat 80 Velvet, which is made from Energy efficiency 4-5, 12-13, 20, 22, 24, 26, 29-31 80% recycled post-consumer fibre, 10% Total Chlorine Free virgin fibre and Energy Ombudsman 11, 24 10% Elemental Chlorine Free fibre. This paper has been independently Europe 4-5, 29, 30, 143-144 certified according to the rules of the Forest Stewardship Council (FSC). Events after the Balance Sheet date 28, 149 Designed and produced by 35 Communications. Exceptional items and certain re-measurements 27, 94 Photography by Charlie Fawell and Andy Wilson. Executive team 37 Printed by St Ives Westerham Press Ltd, ISO14001, FSC certified Financial calendar 164 and CarbonNeutral®. Financial Index Highlights Accounting policies 28, 68-82, 153-154 Financial instruments UK: British Gas, Centrica Energy and Centrica Storage Acquisitions, business combinations 2, 4, 11, 12, 14, 28, 70-71, 74, 139-142 derivative 78, 111-114 Directors’ Report – Business Review The new Alternative Formats 164 fair value 78, 119-123 Our Performance North America: Direct Energy Assets and liabilities 27, 64, 160 hedge accounting 78, 114 shape of Auditors Financial Review IFC, 27-28 Revenue‡ Operating Profit* ‡ Employees‡ re-appointment 44 Five-year record 160 Centrica: remuneration 97 Fixed fee service contracts 148 Centrica’s main operations are in the UK report to the members of Centrica plc 60, 151 FSA (Financial Services Authority) 12, 24, 71 We’re restructuring 8% 1% 15% Awards 5, 12, 25, 26 Fuel poverty 12, 24, 30 9% Balance Sheet Gas and liquids reserves 81, 159 and North America.
Recommended publications
  • Coal Production

    Coal Production

    Coal Production A B C D E F G H I J K L M N O P Q R S T U V W X Y Z AA AB AC AD AE AF AG AH AI AJ AK 1 2 Summary of coal production entered on entity worksheets 3 Richard Heede 4 Climate Mitigation Services 5 22-May-13 6 7 8 1850s 1860s 1850 1851 1852 1853 1854 1855 1856 1857 1858 1859 1860 1861 1862 1863 1864 1865 1866 1867 1868 1869 1870 1871 9 Coal 10 11 12 13 1 Alpha Natural Resources, USA 14 15 2 Anglo American, UK 16 17 3 Arch Coal Company, USA 18 19 4 British Coal Corporation, UK 20 21 5 BP Coal, UK 22 23 6 BHP Billiton, Australia 24 25 7 China, Peoples Republic 26 27 8 Coal India, India 28 29 9 ConocoPhillips, USA 30 31 10 Consol Energy, USA 0.03 0.05 0.1 0.1 0.1 0.2 0 0 32 33 11 Cyprus Amax, USA 34 35 12 Czechoslovakia 36 37 13 Czech Republic + Slovakia 38 39 14 ExxonMobil, USA 40 41 15 FSU (Former Soviet Union) 42 43 16 Kazakhstan 44 45 17 Kerr-McGee Coal (Anadarko), USA 46 47 18 Kiewit Mining Group, USA 48 49 19 Luminant, USA 50 51 20 Massey Energy, USA 52 53 21 Murray Coal, USA 54 55 22 North American Coal Corp., USA 56 57 23 North Korea 58 59 24 Occidental, USA 60 61 25 Peabody Energy, USA 62 63 26 Pittsburgh & Midway Coal (Chevron) 64 65 27 Poland 66 67 28 Rio Tinto, Australia 68 69 29 RAG (Ruhrkohle AG), Germany 70 71 30 Russian Federation (not including FSU) 72 73 31 RWE, Germany 74 75 32 Sasol, South Africa 76 77 33 Singareni Collieries Company, India 78 79 34 UK Coal, UK 80 81 35 Ukraine 82 83 36 Westmoreland Coal, USA 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.4 84 85 37 Xstrata, Switzerland
  • The Privatisation of Qinetiq

    The Privatisation of Qinetiq

    House of Commons Committee of Public Accounts The privatisation of QinetiQ Twenty–fourth Report of Session 2007–08 Report, together with formal minutes, oral and written evidence Ordered by The House of Commons to be printed 12 May 2008 HC 151 Published on 10 June 2008 by authority of the House of Commons London: The Stationery Office Limited £0.00 The Committee of Public Accounts The Committee of Public Accounts is appointed by the House of Commons to examine “the accounts showing the appropriation of the sums granted by Parliament to meet the public expenditure, and of such other accounts laid before Parliament as the committee may think fit” (Standing Order No 148). Current membership Mr Edward Leigh MP (Conservative, Gainsborough) (Chairman) Mr Richard Bacon MP (Conservative, South Norfolk) Angela Browning MP (Conservative, Tiverton and Honiton) Mr Paul Burstow MP (Liberal Democrat, Sutton and Cheam) Rt Hon David Curry MP (Conservative, Skipton and Ripon) Mr Ian Davidson MP (Labour, Glasgow South West) Mr Philip Dunne MP (Conservative, Ludlow) Angela Eagle MP (Labour, Wallasey) Nigel Griffiths MP (Labour, Edinburgh South) Rt Hon Keith Hill MP (Labour, Streatham) Mr Austin Mitchell MP (Labour, Great Grimsby) Dr John Pugh MP (Liberal Democrat, Southport) Geraldine Smith MP (Labour, Morecombe and Lunesdale) Rt Hon Don Touhig MP (Labour, Islwyn) Rt Hon Alan Williams MP (Labour, Swansea West) Phil Wilson MP (Labour, Sedgefield) The following were also Members of the Committee during the period of the enquiry: Annette Brooke MP (Liberal Democrat, Mid Dorset and Poole North) and Mr John Healey MP (Labour, Wentworth). Powers Powers of the Committee of Public Accounts are set out in House of Commons Standing Orders, principally in SO No 148.
  • Cerrejón Coal Mine Colombia

    Cerrejón Coal Mine Colombia

    Cerrejón coal mine Colombia Sectors: Coal Mining Active This profile is actively maintained Send feedback on this profile By: BankTrack Created before Nov 2016 Last update: May 19 2021 Contact: Alex Scrivener, Policy Officer, Global Justice Now Project website Status Planning Design Agreement Construction Operation Closure Decommission Sectors Coal Mining Location Status Planning Design Agreement Construction Operation Closure Decommission Website http://www.cerrejon.com/site/ About Cerrejón coal mine The Cerrejón coal mine in La Guajira, Colombia, is the largest in Latin America and one of the largest in the world. Its steady expansion since its founding in 1976 has led to the destruction of whole villages populated by local indigenous and Afro-Colombian people. The extracted coal is almost exclusively for export to rich countries with local people seeing few benefits. The mine is owned by three giant UK-listed mining companies: BHP Billiton, Anglo American and Glencore. All of which receive billions of pounds in finance from UK banks and pension funds. Roche, Chancleta, Tamaquitos, Manantial, Tabaco, Palmarito, El Descanso, Caracoli, Zarahita, Patilla. These are the names of just some of the communities that have been devastated or simply wiped off the map by the Cerrejón mining project. Latest developments Anglo American to exit from Cerrejon shareholding, BHP Group to follow Feb 25 2021 Glencore leaving, passing mining contracts to Republic of Colombia Feb 4 2021 Impacts Social and human rights impacts While the Cerrejón mining company's promotional material gives the impression that it is helping the displaced communities, the reality is that the mining company has used underhand tactics to buy off individuals and sow internal division within the communities.
  • A Last Chance for Coal Making Carbon Capture and Storage a Reality

    A Last Chance for Coal Making Carbon Capture and Storage a Reality

    a last chance for coal making carbon capture and storage a reality foreword by Rt Hon Margaret Beckett MP Jon Gibbins & Hannah Chalmers David Hawkins Graeme Sweeney Jules Kortenhorst Linda McAvan MEP Alain Berger Ruud Lubbers Frances O’Grady Mike Farley Matthew Lockwood Ben Caldecott & Thomas Sweetman Keith Allott Karla Hill & Tim Malloch Sheryl Carter compiled and edited by Chris Littlecott This publication is part of Green Alliance’s climate change theme (www.green-alliance.org.uk/climatechange), which is kindly supported by Shell. Green Alliance’s work on the financing of CCS demonstration projects is kindly supported by BP. The views expressed in this publication remain those of the individual authors alone, and do not necessarily reflect the views of Green Alliance or its sponsors. Acknowledgments Many thanks to all those who have advised and assisted in the preparation of this publication, particularly Rebecca Collyer, Mark Johnston and Jesse Scott. Special thanks are due to Catherine Beswick, Karen Crane, Maureen Murphy, Rebekah Phillips and Faye Scott for their invaluable editorial input. a last chance for coal making carbon capture and storage a reality Edited by Chris Littlecott ISBN 978-1-905869-15-2 © Green Alliance 2008 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of Green Alliance. Within the UK, exceptions are allowed in respect of any fair dealing for the purposes of private research or study, or criticism or review, as permitted under the Copyright, Design and Patents Act, 1988, or in the case of reprographic reproduction in accordance with the terms of the licenses issued by the Copyright Licensing Agency.
  • Fund Fact Sheet

    Fund Fact Sheet

    Franklin Templeton Funds GB00B3ZGH246 FTF Franklin UK Mid Cap Fund - A 31 July 2021 (inc) Fund Fact Sheet For Professional Client Use Only. Not for distribution to Retail Clients. Fund Overview Performance Base Currency for Fund GBP Performance over 5 Years in Share Class Currency (%) Total Net Assets (GBP) 1.16 billion FTF Franklin UK Mid Cap Fund A (inc) FTSE 250 ex-Investment Trusts Index Fund Inception Date 17.10.2011 180 Number of Issuers 36 Benchmark FTSE 250 ex-Investment 160 Trusts Index IA Sector UK All Companies 140 ISA Status Yes 120 Summary of Investment Objective The Fund aims to grow in value by more than the FTSE 250 100 (ex-Investment Trusts) Index, from a combination of income and investment growth over a three to five-year period after all fees and costs are deducted. 80 07/16 01/17 07/17 01/18 07/18 01/19 07/19 01/20 07/20 01/21 07/21 Fund Management Discrete Annual Performance in Share Class Currency (%) Richard Bullas: United Kingdom 07/20 07/19 07/18 07/17 07/16 Mark Hall: United Kingdom 07/21 07/20 07/19 07/18 07/17 Dan Green, CFA: United Kingdom A (inc) 36.52 -12.79 -1.25 9.89 23.81 Marcus Tregoning: United Kingdom Benchmark in GBP 42.85 -15.10 -4.98 8.39 17.21 Ratings - A (inc) Performance in Share Class Currency (%) Cumulative Annualised Overall Morningstar Rating™: Since Since Asset Allocation 1 Mth 3 Mths 6 Mths YTD 1 Yr 3 Yrs 5 Yrs Incept 3 Yrs 5 Yrs Incept A (inc) 4.45 5.93 20.14 16.83 36.52 17.58 59.90 821.63 5.55 9.84 10.60 Benchmark in GBP 3.24 3.01 16.86 15.60 42.85 15.25 46.41 622.69 4.84 7.92 9.38 Prior to 7 August 2021, the Fund was named Franklin UK Mid Cap Fund.
  • Parker Review

    Parker Review

    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
  • Draft Energy Bill: Pre–Legislative Scrutiny

    Draft Energy Bill: Pre–Legislative Scrutiny

    House of Commons Energy and Climate Change Committee Draft Energy Bill: Pre–legislative Scrutiny First Report of Session 2012-13 Volume III Additional written evidence Ordered by the House of Commons to be published on 24 May, 12, 19 and 26 June, 3 July, and 10 July 2012 Published on Monday 23 July 2012 by authority of the House of Commons London: The Stationery Office Limited The Energy and Climate Change Committee The Energy and Climate Change Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of the Department of Energy and Climate Change and associated public bodies. Current membership Mr Tim Yeo MP (Conservative, South Suffolk) (Chair) Dan Byles MP (Conservative, North Warwickshire) Barry Gardiner MP (Labour, Brent North) Ian Lavery MP (Labour, Wansbeck) Dr Phillip Lee MP (Conservative, Bracknell) Albert Owen MP (Labour, Ynys Môn) Christopher Pincher MP (Conservative, Tamworth) John Robertson MP (Labour, Glasgow North West) Laura Sandys MP (Conservative, South Thanet) Sir Robert Smith MP (Liberal Democrat, West Aberdeenshire and Kincardine) Dr Alan Whitehead MP (Labour, Southampton Test) The following members were also members of the committee during the parliament: Gemma Doyle MP (Labour/Co-operative, West Dunbartonshire) Tom Greatrex MP (Labour, Rutherglen and Hamilton West) Powers The Committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No 152. These are available on the Internet via www.parliament.uk. Publication The Reports and evidence of the Committee are published by The Stationery Office by Order of the House.
  • Africa's Leading Independent Oil Company

    Africa's Leading Independent Oil Company

    TULLOW OIL PLC PLC OIL TULLOW 2017 ANNUAL REPORT & ACCOUNTS & REPORT ANNUAL 2017 TULLOW OIL PLC 2017 ANNUAL REPORT & ACCOUNTS AFRICA’S LEADING INDEPENDENT OIL COMPANY www.tullowoil.com D AFRICA’S LEADING INDEPENDENT OIL COMPANY Tullow Oil is a leading independent oil and gas exploration and production company. Our focus is on finding and monetising oil in Africa and South America. Our key activities include targeted Exploration and Appraisal, selective development projects and growing our high-margin production. We have a prudent financial strategy with diverse sources of funding. Our portfolio of 90 licences spans 16 countries and is organised into three Business Delivery Teams. We are headquartered in London and our shares are listed on the London, Irish and Ghana Stock Exchanges. 1 2 3 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS Our Group highlights 1 Directors’ report 56 Statement of Directors’ responsibilities 108 Our operations 4 Audit Committee report 67 Independent auditor’s report for the Chairman’s foreword 6 Nominations Committee report 73 Group Financial Statements 109 Chief Executive Officer’s foreword 8 EHS Committee report 76 Group Financial Statements 117 Chief Financial Officer’s foreword 10 Remuneration report 78 Company Financial Statements 153 Executive Team overview 12 Other statutory information 101 Five-year financial summary 162 Market outlook 14 Supplementary information Our strategy 16 Shareholder information 163 Our business model 18 Licence interests 164 Key performance indicators 20 Commercial reserves and resources 168 Creating value 24 Transparency disclosure 169 Operations review 26 Sustainability data 176 Finance review 31 Tullow Oil plc subsidiaries 179 Responsible Operations 36 Glossary 181 Governance & Risk management 38 Board of Directors 40 Principal Risks 42 Organisation & Culture 50 Shared Prosperity 52 You can find this report and additional information about Tullow Oil on our website: www.tullowoil.com Cover: TEN FPSO, Prof.
  • Roussely Report: Saving French Nuclear Industry with Outrageous Measures

    Roussely Report: Saving French Nuclear Industry with Outrageous Measures

    SEPTEMBER 3, 2010 | No. 715 ROUSSELY REPORT: SAVING FRENCH NUCLEAR INDUSTRY WITH ROUSSELY REPORT: SAVING FRENCH NUCLEAR INDUSTRY OUTRAGEOUS MEASURES WITH OUTRAGEOUS After France's failure to win the contract for four nuclear power MEASURES 1 plants in the United Arab Emirates, President Sarkozy ordered a OLKILUOTO BLOCKADE 2 report on the French nuclear industry. The outline of the Roussely report (named after Francois Roussely, a former EDF president), HAUNTED BY HISTORY: NUCLEAR NEW BUILD IN dated June 16, was made public –in French- by the Elysée Palace BRITAIN 4 on 27 July 2010 NUCLEAR ENERGY (715.6078) Sortir du nucleaire - In the the claims made by Areva, the merchant DECREASES WORLD report, author Francois Roussely of nuclear plants. Roussely points out the STABILITY AND INCREASES recognizes the scale of the problems inadequate performance of the French INEQUALITY 7 facing the French nuclear industry: lack nuclear reactors: “whereas global of export competitiveness, falling average nuclear plant availability has MORE PLUTONIUM DESTINED domestic load factor, delays and cost significantly increased during the last 15 FOR WIPP? 7 overruns in EPR construction projects. years, nuclear plant availability in France PROLONGING NUCLEAR has seen a marked decrease in the last POWER WILL HINDER French nuclear industry: disastrous few years.” RENEWABLES 8 economic and industrial results The failure of the EPR is such, according IN BRIEF 9 The Roussely report recognizes the scale to Roussely, that “it is the credibility, and of the setbacks experienced by Areva therefore the very existence” of the and EDF at the EPR reactor construction French nuclear industry which is at stake.
  • Growing the Contribution of Defence to UK Prosperity / Foreword by Philip Dunne MP Growing the Contribution of Defence to UK Prosperity

    Growing the Contribution of Defence to UK Prosperity / Foreword by Philip Dunne MP Growing the Contribution of Defence to UK Prosperity

    Growing the Contribution of Defence to UK Prosperity / Foreword by Philip Dunne MP Growing the Contribution of Defence to UK Prosperity A report for the Secretary of State for Defence Philip Dunne MP July 2018 A Front cover: Flexible Manufacturing Systems at the BAE Systems F-35 machining facility at Samlesbury, Lancashire. The systems help machine complex titanium and aluminium components with unparalleled precision. Copyright BAE Systems plc. All images are Crown Copyright unless otherwise stated. Growing the Contribution of Defence to UK Prosperity / Contents Contents Foreword by Philip Dunne MP 2 Executive Summary 4 Chapter 1 National life 6 Chapter 2 Economic growth 16 Chapter 3 People 26 Chapter 4 Ideas and innovation 36 Chapter 5 Place 48 Chapter 6 Cross-cutting findings and recommendations 52 Annex A Comprehensive list of recommendations 56 Annex B Regional Maps 60 Annex C Terms of reference 86 Annex D Engagements 88 1 Foreword by Philip Dunne MP 2 Growing the Contribution of Defence to UK Prosperity / Foreword by Philip Dunne MP I am pleased to have been In addition, we have a unique opportunity as a result of asked by the Secretary of State the historic decision by the British people to leave the for Defence to undertake this European Union from March 2019, to reconsider what Review of the contribution of impacts this may have for the role of Defence in the UK Defence to the prosperity of economy. the United Kingdom. I have been asked in the Terms of Reference for the As part of the Defence and Dunne Review, set out in Annex C, to undertake this work Security Review 2015, when within an initial tight two-month timeframe, to inform I was Minister of State for Defence Procurement, the the Modernising Defence Programme work this summer.
  • Annual Review and Summary Financial Statements 2010 Shareholder Information Continued

    Annual Review and Summary Financial Statements 2010 Shareholder Information Continued

    Centrica plc Registered office: Millstream, Maidenhead Road, Windsor, Berkshire SL4 5GD Company registered in England and Wales No. 3033654 www.centrica.com Annual Review and Summary Financial Statements 2010 Shareholder Information continued SHAREHOLDER SERVICES Centrica shareholder helpline To register for this service, please call the shareholder helpline on 0871 384 2985* to request Centrica’s shareholder register is maintained by Equiniti, a direct dividend payment form or download it from which is responsible for making dividend payments and www.centrica.com/shareholders. 01 10 updating the register. OVERVIEW SUMMARY OF OUR BUSINESS The Centrica FlexiShare service PERFORMANCE If you have any query relating to your Centrica shareholding, 01 Chairman’s Statement please contact our Registrar, Equiniti: FlexiShare is a ‘corporate nominee’, sponsored by Centrica and administered by Equiniti Financial Services Limited. It is 02 Our Performance 10 Operating Review Telephone: 0871 384 2985* a convenient way to manage your Centrica shares without 04 Chief Executive’s Review 22 Corporate Responsibility Review Textphone: 0871 384 2255* the need for a share certificate. Your share account details Write to: Equiniti, Aspect House, Spencer Road, Lancing, will be held on a separate register and you will receive an West Sussex BN99 6DA, United Kingdom annual confirmation statement. Email: [email protected] By transferring your shares into FlexiShare you will benefit from: A range of frequently asked shareholder questions is also available at www.centrica.com/shareholders. • low-cost share-dealing facilities provided by a panel of independent share dealing providers; Direct dividend payments • quicker settlement periods; Make your life easier by having your dividends paid directly into your designated bank or building society account on • no share certificates to lose; and the dividend payment date.
  • Who Pays? Consumer Attitudes to the Growth of Levies to Fund Environmental and Social Energy Policy Objectives Prashant Vaze and Chris Hewett About Consumer Focus

    Who Pays? Consumer Attitudes to the Growth of Levies to Fund Environmental and Social Energy Policy Objectives Prashant Vaze and Chris Hewett About Consumer Focus

    Who Pays? Consumer attitudes to the growth of levies to fund environmental and social energy policy objectives Prashant Vaze and Chris Hewett About Consumer Focus Consumer Focus is the statutory Following the recent consumer and consumer champion for England, Wales, competition reforms, the Government Scotland and (for postal consumers) has asked Consumer Focus to establish Northern Ireland. a new Regulated Industries Unit by April 2013 to represent consumers’ interests in We operate across the whole of the complex, regulated markets sectors. The economy, persuading businesses, Citizens Advice service will take on our public services and policy-makers to role in other markets from April 2013. put consumers at the heart of what they do. We tackle the issues that matter to Our Annual Plan for 2012/13 is available consumers, and give people a stronger online, consumerfocus.org.uk voice. We don’t just draw attention to problems – we work with consumers and with a range of organisations to champion creative solutions that make a difference to consumers’ lives. For regular updates from Consumer Focus, sign up to our monthly e-newsletter by emailing [email protected] or follow us on Twitter http://twitter.com/consumerfocus Consumer Focus Contents Executive summary .................................................................................................... 4 1 Introduction .............................................................................................................. 8 Background ..............................................................................................................